WO2005072449A3 - System and method for matching trading orders - Google Patents

System and method for matching trading orders Download PDF

Info

Publication number
WO2005072449A3
WO2005072449A3 PCT/US2005/003159 US2005003159W WO2005072449A3 WO 2005072449 A3 WO2005072449 A3 WO 2005072449A3 US 2005003159 W US2005003159 W US 2005003159W WO 2005072449 A3 WO2005072449 A3 WO 2005072449A3
Authority
WO
WIPO (PCT)
Prior art keywords
bid
offer
trading product
order
price
Prior art date
Application number
PCT/US2005/003159
Other languages
French (fr)
Other versions
WO2005072449A2 (en
Inventor
Thomas J Daley
Pavan K Garapati
Phil G Reeves
Mark E Stutzmann
Original Assignee
Espeed Inc
Thomas J Daley
Pavan K Garapati
Phil G Reeves
Mark E Stutzmann
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Espeed Inc, Thomas J Daley, Pavan K Garapati, Phil G Reeves, Mark E Stutzmann filed Critical Espeed Inc
Priority to JP2006551587A priority Critical patent/JP5283844B2/en
Priority to CA002554468A priority patent/CA2554468A1/en
Priority to AU2005208977A priority patent/AU2005208977B2/en
Priority to EP05712558A priority patent/EP1709514A4/en
Publication of WO2005072449A2 publication Critical patent/WO2005072449A2/en
Publication of WO2005072449A3 publication Critical patent/WO2005072449A3/en

Links

Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/04—Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G06Q30/06—Buying, selling or leasing transactions
    • G06Q30/08—Auctions
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/06—Asset management; Financial planning or analysis

Abstract

A system (10) for matching orders (20) includes a memory that stores bids for a trading product, each bid associated with at least one trader and a market (18), bid quantity and bid price for the trading product. The system also includes a processor that receives (152) an order (20) specifying an offer for the trading product, the order (20) further specifying an offer quantity for the trading product and a target offer price for the trading product. At least one of the bids having a price that is greater than or equal to the target offer price is identified and matched (44) with the offer of the order (20) if the identified bid is associated with a trader, and routes the order (20) to a particular market (18) if the identified bid is associated with the particular market (18).
PCT/US2005/003159 2004-01-29 2005-01-31 System and method for matching trading orders WO2005072449A2 (en)

Priority Applications (4)

Application Number Priority Date Filing Date Title
JP2006551587A JP5283844B2 (en) 2004-01-29 2005-01-31 System and method for associating trade orders
CA002554468A CA2554468A1 (en) 2004-01-29 2005-01-31 System and method for matching trading orders
AU2005208977A AU2005208977B2 (en) 2004-01-29 2005-01-31 System and method for matching trading orders
EP05712558A EP1709514A4 (en) 2004-01-29 2005-01-31 System and method for matching trading orders

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US10/767,649 2004-01-29
US10/767,649 US20050171890A1 (en) 2004-01-29 2004-01-29 System and method for matching trading orders

Publications (2)

Publication Number Publication Date
WO2005072449A2 WO2005072449A2 (en) 2005-08-11
WO2005072449A3 true WO2005072449A3 (en) 2006-04-27

Family

ID=34807707

Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/US2005/003159 WO2005072449A2 (en) 2004-01-29 2005-01-31 System and method for matching trading orders

Country Status (6)

Country Link
US (1) US20050171890A1 (en)
EP (1) EP1709514A4 (en)
JP (2) JP5283844B2 (en)
AU (2) AU2005208977B2 (en)
CA (1) CA2554468A1 (en)
WO (1) WO2005072449A2 (en)

Families Citing this family (69)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US10002385B2 (en) * 2003-10-28 2018-06-19 Bgc Partners, Inc. Managing the execution of trades between market makers
US7890412B2 (en) * 2003-11-04 2011-02-15 New York Mercantile Exchange, Inc. Distributed trading bus architecture
US20050171890A1 (en) * 2004-01-29 2005-08-04 Daley Thomas J. System and method for matching trading orders
US10304097B2 (en) 2004-01-29 2019-05-28 Bgc Partners, Inc. System and method for controlling the disclosure of a trading order
US8738498B2 (en) 2004-01-29 2014-05-27 Bgc Partners, Inc. System and method for routing a trading order
US7835987B2 (en) * 2004-01-29 2010-11-16 Bgc Partners, Inc. System and method for routing a trading order according to price
US8200568B2 (en) 2004-07-21 2012-06-12 Bgc Partners, Inc. System and method for managing trading orders received from market makers
US20060218071A1 (en) * 2005-03-28 2006-09-28 Espeed, Inc. System and method for managing trading between related entities
JP2008541231A (en) * 2005-05-05 2008-11-20 アーキペラゴ ホールディングス インコーポレイテッド Anti-internalization order transformation equipment
AU2006244483B2 (en) 2005-05-05 2012-05-31 Nyse Group, Inc. Tracking liquidity order
US7937315B2 (en) 2005-05-05 2011-05-03 Archipelago Holdings, Inc. Portfolio execution and reporting
US7873561B1 (en) * 2005-05-05 2011-01-18 Archipelago Holdings, Inc. Method and system for maintaining an order on a selected market center with maximum price exemption parameter
JP2008541238A (en) * 2005-05-05 2008-11-20 アーキペラゴ ホールディングス インコーポレイテッド Auction and transfer of unpriced orders
US7912775B1 (en) 2005-05-05 2011-03-22 Archipelago Holdings, Inc. Liquidity analysis system and method
JP2008541230A (en) 2005-05-05 2008-11-20 アーキペラゴ ホールディングス インコーポレイテッド Order for price revision to large-scale
US7908201B2 (en) * 2005-05-05 2011-03-15 Archipelago Holdings, Inc. Cross and post order
US7765137B1 (en) * 2005-05-05 2010-07-27 Archipelago Holdings, Inc. Method and system for maintaining an order on a selected market center
AU2006244566A1 (en) * 2005-05-06 2006-11-16 Archipelago Holdings, Inc. Passive liquidity order
US7840477B2 (en) 2005-06-07 2010-11-23 Bgc Partners, Inc. System and method for routing a trading order based upon quantity
US8484122B2 (en) 2005-08-04 2013-07-09 Bgc Partners, Inc. System and method for apportioning trading orders based on size of displayed quantities
US8494951B2 (en) 2005-08-05 2013-07-23 Bgc Partners, Inc. Matching of trading orders based on priority
WO2007038084A2 (en) 2005-09-23 2007-04-05 Archipelago Holdings, Inc. Directed order
US7734538B2 (en) * 2005-11-18 2010-06-08 Chicago Mercantile Exchange Inc. Multiple quote risk management
US7801810B2 (en) 2005-11-18 2010-09-21 Chicago Mercantile Exchange Inc. Hybrid cross-margining
US10726479B2 (en) * 2005-11-18 2020-07-28 Chicago Mercantile Exchange Inc. System and method for centralized clearing of over the counter foreign exchange instruments
US20070118455A1 (en) * 2005-11-18 2007-05-24 Albert William J System and method for directed request for quote
US7979339B2 (en) 2006-04-04 2011-07-12 Bgc Partners, Inc. System and method for optimizing execution of trading orders
US20070255624A1 (en) * 2006-04-14 2007-11-01 Swaptree, Inc. Automated Trading System and Method
US20070244770A1 (en) * 2006-04-14 2007-10-18 Swaptree, Inc. Automated trading system and method database
US20070244769A1 (en) * 2006-04-14 2007-10-18 Swaptree, Inc. User interaction for trading system and method
US20070244772A1 (en) * 2006-04-14 2007-10-18 Swaptree, Inc. Marketing system and methods in automated trading context
US7742978B2 (en) * 2006-04-14 2010-06-22 Swaptree, Inc. Multi-transaction system and method
WO2007121298A2 (en) * 2006-04-14 2007-10-25 Swaptree, Inc. Automated transaction system, database, and method
US20070244793A1 (en) * 2006-04-14 2007-10-18 Swaptree, Inc. Automated Transaction System and Method with Electronic Notification
US20070250433A1 (en) * 2006-04-25 2007-10-25 Harsha Bhat System and method for providing one-order methodology in over the counter markets
US9799072B2 (en) * 2006-07-28 2017-10-24 Nyse Group, Inc. Enhanced quote and order integration system and method
US7917418B2 (en) * 2006-12-04 2011-03-29 Archipelago Holdings, Inc. Efficient data dissemination for financial instruments
US20080177637A1 (en) 2006-12-30 2008-07-24 David Weiss Customer relationship management methods and systems
US7716118B2 (en) * 2007-01-16 2010-05-11 Peter Bartko System and method for providing latency protection for trading orders
US7729978B2 (en) 2007-03-28 2010-06-01 Trading Technologies International, Inc. System and method for dynamically changing an electronic trade order quantity
US7853499B2 (en) * 2007-03-29 2010-12-14 Board Of Trade Of The City Of Chicago System and method of allocating an incoming order to standing orders
US7987135B2 (en) * 2007-08-20 2011-07-26 Chicago Mercantile Exchange, Inc. Out of band credit control
US8762252B2 (en) 2007-08-20 2014-06-24 Chicago Mercantile Exchange Inc. Out of band credit control
US7996301B2 (en) 2007-08-20 2011-08-09 Chicago Mercantile Exchange, Inc. Out of band credit control
US8756146B2 (en) 2007-08-20 2014-06-17 Chicago Mercantile Exchange Inc. Out of band credit control
US20090150277A1 (en) * 2007-12-06 2009-06-11 Cinnober Financial Technology Ab Automated Trading System with Position Keeping
US20100017323A1 (en) * 2008-07-16 2010-01-21 Carla Git Ying Wong Method and System for Trading Combinations of Financial Instruments
US20100076885A1 (en) * 2008-08-01 2010-03-25 Drennan Jesse R Clearing and settlement of trades in over the counter markets
US8566218B2 (en) * 2008-10-07 2013-10-22 Chicago Mercantile Exchange Inc. Systems and methods for matching one or more incoming order to a standing order as a function of an inner market parameter
US8732062B2 (en) 2008-10-07 2014-05-20 Chicago Mercantile Exchange Inc. System and method for matching one or more incoming order to a standing order based on multi-level allocation
US20100088213A1 (en) * 2008-10-07 2010-04-08 Czupek Andrew P System and method for matching one or more incoming order to a standing order based on multiple order priority
US20100088215A1 (en) * 2008-10-07 2010-04-08 Czupek Andrew P System and method for matching one or more incoming order to a standing order based on multiple order priority allocation
US20100088216A1 (en) * 2008-10-07 2010-04-08 Czupek Andrew P System and method for matching one or more incoming order to a standing order based on time order priority allocation
US8229835B2 (en) * 2009-01-08 2012-07-24 New York Mercantile Exchange, Inc. Determination of implied orders in a trade matching system
US20120036155A1 (en) * 2009-04-03 2012-02-09 Netcycler Oy On-line searching systems
US8417618B2 (en) * 2009-09-03 2013-04-09 Chicago Mercantile Exchange Inc. Utilizing a trigger order with multiple counterparties in implied market trading
US8266030B2 (en) 2009-09-15 2012-09-11 Chicago Mercantile Exchange Inc. Transformation of a multi-leg security definition for calculation of implied orders in an electronic trading system
US20110066537A1 (en) * 2009-09-15 2011-03-17 Andrew Milne Implied volume analyzer
US8255305B2 (en) 2009-09-15 2012-08-28 Chicago Mercantile Exchange Inc. Ratio spreads for contracts of different sizes in implied market trading
US8229838B2 (en) 2009-10-14 2012-07-24 Chicago Mercantile Exchange, Inc. Leg pricer
AU2011201335B2 (en) * 2010-03-31 2012-06-21 Tata Consultancy Services Limited A system for matching orders in a single threaded matching engine for stock exchanges
US10489855B1 (en) * 2011-10-10 2019-11-26 Nyse Group, Inc. Retail aggregator apparatuses, methods, and systems
US11068979B1 (en) * 2011-11-07 2021-07-20 Nyse Chicago, Inc. Fee/rebate contingent order matching system and method
EP2847733A4 (en) * 2012-05-07 2016-01-13 Nasdaq Omx Group Inc Methods and arrangements for exchange traded products
US20150127508A1 (en) * 2013-11-07 2015-05-07 Cfph, Llc Methods, Apparatus, Systems for First Look Matching of Orders on an Exchange
US10776869B2 (en) * 2014-09-23 2020-09-15 The Nasdaq Private Market, Llc System including an electronic machine platform with multi-tier entity matching
US11164248B2 (en) 2015-10-12 2021-11-02 Chicago Mercantile Exchange Inc. Multi-modal trade execution with smart order routing
US11288739B2 (en) 2015-10-12 2022-03-29 Chicago Mercantile Exchange Inc. Central limit order book automatic triangulation system
CN111861639B (en) * 2020-06-28 2023-09-15 深圳市中农易讯信息技术有限公司 Financial transaction matching method and system

Citations (8)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US4412287A (en) * 1975-05-29 1983-10-25 Braddock Iii Walter D Automated stock exchange
US5077665A (en) * 1989-05-25 1991-12-31 Reuters Limited Distributed matching system
WO2000011587A1 (en) * 1998-08-21 2000-03-02 Marketxt, Inc. A real-time computerized stock trading system
WO2001054037A1 (en) * 2000-01-21 2001-07-26 Annunziata Vincent P System for trading commodities and the like
US6278982B1 (en) * 1999-04-21 2001-08-21 Lava Trading Inc. Securities trading system for consolidation of trading on multiple ECNS and electronic exchanges
US20020023037A1 (en) * 1997-08-22 2002-02-21 White Newton B. Exchange method and apparatus
USH2064H1 (en) * 2000-11-28 2003-05-06 Goldman, Sachs & Co. Automated fixed income trading
US20050171890A1 (en) * 2004-01-29 2005-08-04 Daley Thomas J. System and method for matching trading orders

Family Cites Families (109)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US3581072A (en) * 1968-03-28 1971-05-25 Frederick Nymeyer Auction market computation system
US3573747A (en) * 1969-02-24 1971-04-06 Institutional Networks Corp Instinet communication system for effectuating the sale or exchange of fungible properties between subscribers
US4674044A (en) * 1985-01-30 1987-06-16 Merrill Lynch, Pierce, Fenner & Smith, Inc. Automated securities trading system
US5390762A (en) * 1987-08-14 1995-02-21 Power Plus Corporation Automatic crankcase oil change and makeup system
US5101353A (en) * 1989-05-31 1992-03-31 Lattice Investments, Inc. Automated system for providing liquidity to securities markets
US5297031A (en) * 1990-03-06 1994-03-22 Chicago Board Of Trade Method and apparatus for order management by market brokers
US5305200A (en) * 1990-11-02 1994-04-19 Foreign Exchange Transaction Services, Inc. Financial exchange system having automated recovery/rollback of unacknowledged orders
GB9027249D0 (en) * 1990-12-17 1991-02-06 Reuters Ltd Offer matching system
US5970479A (en) * 1992-05-29 1999-10-19 Swychco Infrastructure Services Pty. Ltd. Methods and apparatus relating to the formulation and trading of risk management contracts
US6173270B1 (en) * 1992-09-01 2001-01-09 Merrill Lynch, Pierce, Fenner & Smith Stock option control and exercise system
US5421287A (en) * 1993-11-17 1995-06-06 Yonover; Robert N. Visual locating device for persons lost at sea or the like
US5797002A (en) * 1994-09-20 1998-08-18 Papyrus Technology Corp. Two-way wireless system for financial industry transactions
US5717989A (en) * 1994-10-13 1998-02-10 Full Service Trade System Ltd. Full service trade system
US5845266A (en) * 1995-12-12 1998-12-01 Optimark Technologies, Inc. Crossing network utilizing satisfaction density profile with price discovery features
US5787402A (en) * 1996-05-15 1998-07-28 Crossmar, Inc. Method and system for performing automated financial transactions involving foreign currencies
US5924083A (en) * 1996-05-29 1999-07-13 Geneva Branch Of Reuters Transaction Services Limited Distributed matching system for displaying a book of credit filtered bids and offers
US6014643A (en) * 1996-06-28 2000-01-11 Minton; Vernon F. Interactive securities trading system
US6029146A (en) * 1996-08-21 2000-02-22 Crossmar, Inc. Method and apparatus for trading securities electronically
US6247000B1 (en) * 1996-08-21 2001-06-12 Crossmar, Inc. Method and system for confirmation and settlement for financial transactions matching
US5873071A (en) * 1997-05-15 1999-02-16 Itg Inc. Computer method and system for intermediated exchange of commodities
US6058379A (en) * 1997-07-11 2000-05-02 Auction Source, L.L.C. Real-time network exchange with seller specified exchange parameters and interactive seller participation
US6536935B2 (en) * 1997-07-23 2003-03-25 Atarum Institute Computerized system for market-based constraint optimization
US6731729B2 (en) * 1997-08-29 2004-05-04 Arbinet-Thexchange, Inc. Method and a system for settlement of trading accounts
US6421653B1 (en) * 1997-10-14 2002-07-16 Blackbird Holdings, Inc. Systems, methods and computer program products for electronic trading of financial instruments
US6393409B2 (en) * 1997-10-31 2002-05-21 Morgan Stanley Dean Witter & Co. Computer method and apparatus for optimizing portfolios of multiple participants
US6996539B1 (en) * 1998-03-11 2006-02-07 Foliofn, Inc. Method and apparatus for enabling smaller investors or others to create and manage a portfolio of securities or other assets or liabilities on a cost effective basis
US6618707B1 (en) * 1998-11-03 2003-09-09 International Securities Exchange, Inc. Automated exchange for trading derivative securities
US6405180B2 (en) * 1998-11-05 2002-06-11 International Securities Exchange, Llc Automated exchange for matching bids between a party and a counterparty based on a relationship between the counterparty and the exchange
US6260024B1 (en) * 1998-12-02 2001-07-10 Gary Shkedy Method and apparatus for facilitating buyer-driven purchase orders on a commercial network system
US6871191B1 (en) * 2000-01-24 2005-03-22 Sam E. Kinney, Jr. Method and system for partial quantity evaluated rank bidding in online auctions
US6408282B1 (en) * 1999-03-01 2002-06-18 Wit Capital Corp. System and method for conducting securities transactions over a computer network
US7212999B2 (en) * 1999-04-09 2007-05-01 Trading Technologies International, Inc. User interface for an electronic trading system
US7392214B1 (en) * 1999-04-30 2008-06-24 Bgc Partners, Inc. Systems and methods for trading
US7181419B1 (en) * 2001-09-13 2007-02-20 Ewinwin, Inc. Demand aggregation system
US6629082B1 (en) * 1999-06-15 2003-09-30 W.R. Hambrecht & Co. Auction system and method for pricing and allocation during capital formation
JP3862918B2 (en) * 1999-06-22 2006-12-27 シャープ株式会社 Filter circuit
US7225153B2 (en) * 1999-07-21 2007-05-29 Longitude Llc Digital options having demand-based, adjustable returns, and trading exchange therefor
US6418419B1 (en) * 1999-07-23 2002-07-09 5Th Market, Inc. Automated system for conditional order transactions in securities or other items in commerce
US7908199B2 (en) * 2001-02-26 2011-03-15 Roy Neff System and method of responding to orders in a securities trading system
US20030093343A1 (en) * 1999-08-31 2003-05-15 Sidley Austin Brown & Wood Llp Dynamic order visibility system for the trading of assets
US7181424B1 (en) * 1999-09-23 2007-02-20 The Nasdaq Stock Market, Inc. Montage for automated market system
US7209896B1 (en) * 1999-09-23 2007-04-24 The Nasdaq Stock Market, Inc. Locked/crossed quote handling
US6505175B1 (en) * 1999-10-06 2003-01-07 Goldman, Sachs & Co. Order centric tracking system
US7386497B1 (en) * 1999-11-22 2008-06-10 Gfi Group, Inc. System and method for trading an instrument
US7162447B1 (en) * 2000-02-02 2007-01-09 Itg Software Solutions, Inc. Method and system for obtaining a discovered price
US6772132B1 (en) * 2000-03-02 2004-08-03 Trading Technologies International, Inc. Click based trading with intuitive grid display of market depth
US7383220B1 (en) * 2000-04-10 2008-06-03 Stikine Technology, Llc Automated short term option order processing
US6847934B1 (en) * 2000-04-11 2005-01-25 Center For Adaptive Systems Applications Marketing selection optimization process
US8010438B2 (en) * 2000-06-01 2011-08-30 Pipeline Financial Group, Inc. Method for directing and executing certified trading interests
US7685052B2 (en) * 2000-06-01 2010-03-23 Pipeline Financial Group, Inc. Confidential block trading system and method
JP2002007707A (en) * 2000-06-22 2002-01-11 Keio Gijuku Transaction system
US20020016758A1 (en) * 2000-06-28 2002-02-07 Grigsby Calvin B. Method and apparatus for offering, pricing, and selling securities over a network
US6532460B1 (en) * 2000-07-19 2003-03-11 Irfan Amanat Method and apparatus for automated cancellation of orders for securities
EP1316044A4 (en) * 2000-08-10 2006-02-08 Debt Exchange Inc Systems and methods for trading and originating financial products using a computer network
US7058602B1 (en) * 2000-08-18 2006-06-06 Luckysurf.Com, Inc. Enhanced auction mechanism for online transactions
JP2002063402A (en) * 2000-08-21 2002-02-28 Hitachi Ltd Merchandise transaction and charge payment system utilizing network
AU2001293071A1 (en) * 2000-09-26 2002-04-08 D. E. Shaw And Co., Inc. Method and system for the electronic negotiation and execution of equity block trades for institutional investors
US7330834B1 (en) * 2000-10-05 2008-02-12 Novaplex Technologies, Inc. System and method for electronic trading of assets
US20020046127A1 (en) * 2000-10-18 2002-04-18 Gary Reding System and method for automated commodities transactions including an automatic hedging function
JP2002133113A (en) * 2000-10-26 2002-05-10 Fujitsu Ltd Dealing support method and dealing support apparatus
JP2002203112A (en) * 2000-11-01 2002-07-19 Fujitsu Ltd Method for supporting transaction, and program
US20020052822A1 (en) * 2000-11-01 2002-05-02 Shigehiko Terashima Transaction supporting method and recording medium
US20020087451A1 (en) * 2000-12-28 2002-07-04 Rieger David A. Security inquiry management techniques
US20020091606A1 (en) * 2001-01-11 2002-07-11 Alan Shapiro Predictive automated routing system (PARS) for securities trading
JP2002269349A (en) * 2001-03-13 2002-09-20 Artis Kk Transaction execution system and its method, and recording medium for recording transaction execution program operated on computer
WO2002077759A2 (en) * 2001-03-20 2002-10-03 Dealigence Inc. Negotiating platform
US6983260B2 (en) * 2001-04-06 2006-01-03 Omx Technology Ab Automated exchange system for trading orders having a hidden volume
US7213000B2 (en) * 2001-05-10 2007-05-01 International Business Machines Corporation Reserve price auctioning
US7418416B2 (en) * 2001-06-20 2008-08-26 Morgan Stanley Gamma trading tool
US20030009411A1 (en) * 2001-07-03 2003-01-09 Pranil Ram Interactive grid-based graphical trading system for real time security trading
US7653584B2 (en) * 2001-06-29 2010-01-26 Chicago Board Options Exchange, Incorporated Automated execution system having participation
US8301539B2 (en) * 2001-07-09 2012-10-30 The Nasdaq Omx Group, Inc. Order processing for automated market system
US20030009413A1 (en) * 2001-07-09 2003-01-09 Dean Furbush Automated market system preferenced orders
JP2003058741A (en) * 2001-08-16 2003-02-28 Tokyo Grain Exchange Method and system for transaction of commodities
JP3680013B2 (en) * 2001-08-17 2005-08-10 日本ユニシス株式会社 Transaction support system and method for supporting proper execution of a contract in a transaction market
US7536338B2 (en) * 2001-09-10 2009-05-19 Hewlett-Packard Development Company, L.P. Method and system for automated bid advice for auctions
GB2382679A (en) * 2001-11-29 2003-06-04 Hewlett Packard Co Method for designing a market mechanism
US20030101128A1 (en) * 2001-11-29 2003-05-29 Abernethy William Randolph State tracking system for a basket trading system
EP1504385A4 (en) * 2001-12-05 2008-12-03 Xchange Advantage Inc E Method and system for managing distributed trading data
AU2002358803A1 (en) * 2001-12-31 2003-07-15 Asm Automation Sensorik Messtechnik Gmbh Magnetostrictive sensor element
AU2003237135A1 (en) * 2002-04-30 2003-11-17 Veridiem Inc. Marketing optimization system
US7124110B1 (en) * 2002-07-15 2006-10-17 Trading Technologies International Inc. Method and apparatus for message flow and transaction queue management
US7962399B2 (en) * 2002-07-25 2011-06-14 The Nasdaq Omx Group, Inc. Refreshing displayed quotes for automated market system
US20040024684A1 (en) * 2002-07-29 2004-02-05 Montepeque Jorge Eduardo Method and trading instrument for effecting trade of a commodity and method of assessing a commodity price
WO2004036368A2 (en) * 2002-10-15 2004-04-29 Chicago Mercantile Exchange, Inc. Network and method for trading derivatives by providing enhanced rfq visibility
US7523064B2 (en) * 2002-11-13 2009-04-21 Trading Technologies International, Inc. System and method for facilitating trading of multiple tradeable objects in an electronic trading environment
US7577602B2 (en) * 2002-11-26 2009-08-18 Trading Technologies International Inc. Method and interface for consolidating price levels on a trading screen
US7921054B2 (en) * 2002-12-09 2011-04-05 Deep Liquidity, Inc. System and method for block trading
US7769668B2 (en) * 2002-12-09 2010-08-03 Sam Balabon System and method for facilitating trading of financial instruments
US6909941B2 (en) * 2003-02-13 2005-06-21 Iso New England Inc. Methods for the management of a bulk electric power market
US7739182B2 (en) * 2003-07-03 2010-06-15 Makor Issues And Rights Ltd. Machine learning automatic order transmission system for sending self-optimized trading signals
US8924278B2 (en) * 2003-07-25 2014-12-30 Chicago Mercantile Exchange Inc. System and method for controlling markets during a stop loss trigger
US7756782B2 (en) * 2003-07-28 2010-07-13 Trading Technologies International, Inc. System and method for improved electronic trading
US8482563B2 (en) * 2003-08-21 2013-07-09 Algo Engineering Llc Equities information and visualization system that processes orders as information is received via data feed in real-time
US20050055304A1 (en) * 2003-09-10 2005-03-10 Lutnick Howard W. Trading application program interface
US20050075898A1 (en) * 2003-10-03 2005-04-07 Jack Wasserman Method and system for obtaining and financing exclusive real estate listings
US20050125326A1 (en) * 2003-12-04 2005-06-09 Rishi Nangalia Methods and apparatus for routing securities orders
US20060136318A1 (en) * 2004-01-21 2006-06-22 Lava Trading Inc. Automated system for routing orders for financial instruments
CN101076824B (en) * 2004-03-05 2017-09-22 N·凯莱布·阿韦里 For optimal pricing and the method and system of distribution
US7647267B2 (en) * 2004-07-15 2010-01-12 New York Stock Exchange System and method for setting and using a momentum liquidity replenishment price in a hybrid auction market
EP1630741A1 (en) * 2004-08-05 2006-03-01 EBS Group limited Price improvement in electronic trading systems
CA2517331A1 (en) * 2004-08-27 2006-02-27 Espeed, Inc. Systems and methods for commission allocation
US20060085319A1 (en) * 2004-10-19 2006-04-20 Rishi Nangalia Methods and apparatus for routing options orders
AU2005299602B2 (en) * 2004-10-27 2012-12-13 Bloomberg L.P. System and method for trading financial instruments based on undisclosed values
EP1866829A4 (en) * 2005-04-05 2010-08-04 Broadway Technology Llc Trading system with internal order matching
US7840477B2 (en) * 2005-06-07 2010-11-23 Bgc Partners, Inc. System and method for routing a trading order based upon quantity
US20070005481A1 (en) * 2005-06-29 2007-01-04 Vijay Kedia Real time graphical user interface for on-line trading
US8484122B2 (en) * 2005-08-04 2013-07-09 Bgc Partners, Inc. System and method for apportioning trading orders based on size of displayed quantities
US8494951B2 (en) * 2005-08-05 2013-07-23 Bgc Partners, Inc. Matching of trading orders based on priority

Patent Citations (8)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US4412287A (en) * 1975-05-29 1983-10-25 Braddock Iii Walter D Automated stock exchange
US5077665A (en) * 1989-05-25 1991-12-31 Reuters Limited Distributed matching system
US20020023037A1 (en) * 1997-08-22 2002-02-21 White Newton B. Exchange method and apparatus
WO2000011587A1 (en) * 1998-08-21 2000-03-02 Marketxt, Inc. A real-time computerized stock trading system
US6278982B1 (en) * 1999-04-21 2001-08-21 Lava Trading Inc. Securities trading system for consolidation of trading on multiple ECNS and electronic exchanges
WO2001054037A1 (en) * 2000-01-21 2001-07-26 Annunziata Vincent P System for trading commodities and the like
USH2064H1 (en) * 2000-11-28 2003-05-06 Goldman, Sachs & Co. Automated fixed income trading
US20050171890A1 (en) * 2004-01-29 2005-08-04 Daley Thomas J. System and method for matching trading orders

Non-Patent Citations (2)

* Cited by examiner, † Cited by third party
Title
See also references of EP1709514A4 *
VERGOTE ET AL: "How to Match Trades and Quotes for NYSE Stocks?", March 2005 (2005-03-01), XP008137818, Retrieved from the Internet <URL:http://www.econ.kuleuven.be/ces/discussionpapers/DPS05/Dps0510.pdf> *

Also Published As

Publication number Publication date
AU2005208977A1 (en) 2005-08-11
JP5283844B2 (en) 2013-09-04
CA2554468A1 (en) 2005-08-11
JP5346981B2 (en) 2013-11-20
JP2007520017A (en) 2007-07-19
WO2005072449A2 (en) 2005-08-11
AU2011250751A1 (en) 2011-12-08
JP2011170880A (en) 2011-09-01
EP1709514A4 (en) 2009-01-07
US20050171890A1 (en) 2005-08-04
AU2005208977B2 (en) 2011-09-08
EP1709514A2 (en) 2006-10-11

Similar Documents

Publication Publication Date Title
WO2005072449A3 (en) System and method for matching trading orders
WO2004081737A3 (en) Derivatives trading methods that use a variable order price
WO2002097582A3 (en) System and method for an auction of multiple types of items
WO2004008296A3 (en) Computer-implemented system for automated trading
GB2395318A (en) Systems and methods for controlling traders from manipulating electronic trading markets
WO2001002930A3 (en) Method and apparatus for processing securities transactions
WO2006121792A3 (en) Unpriced order auction and routing
WO2006044671A3 (en) A flexible system and method for electronic trading
GB2366642A (en) Systems and methods for electronic trading that provide incentives and linked auctions
WO2006012445A3 (en) System and method for managing trading orders received from market makers
WO2005043492A3 (en) Multi-party bidding for online advertising space
WO2006121948A3 (en) Over the counter traded product and system for offset and contingent trading of commodity contracts
WO2007002643A3 (en) System and method for calculating and displaying volume to identify buying and selling
GB0401570D0 (en) A transaction management system and method
GB2394095A (en) Securities trading system with multiple levels-of-interest
WO2002080433A3 (en) Systems and methods for bid/offer spread trading
WO2008045533A3 (en) A system and method for providing a futures/forward tradable market and bidded price negotiation
WO2001018738B1 (en) Multiple auction coordination method and system
WO2006093760A3 (en) Buyer-initiated shipping system
WO2003107121A3 (en) System and method for analyzing and displaying security trade transactions
WO2007120909A3 (en) System for market research based on financial exchange
WO2007008740A3 (en) Method of obtaining desired phone number
WO2007025287A3 (en) Methods and systems for optimal pricing
WO2004013743A3 (en) Methods and systems for purchase of commodities
WO2007038211A3 (en) Methods and systems for facilitating bids on products and services

Legal Events

Date Code Title Description
AK Designated states

Kind code of ref document: A2

Designated state(s): AE AG AL AM AT AU AZ BA BB BG BR BW BY BZ CA CH CN CO CR CU CZ DE DK DM DZ EC EE EG ES FI GB GD GE GH GM HR HU ID IL IN IS JP KE KG KP KR KZ LC LK LR LS LT LU LV MA MD MG MK MN MW MX MZ NA NI NO NZ OM PG PH PL PT RO RU SC SD SE SG SK SL SY TJ TM TN TR TT TZ UA UG US UZ VC VN YU ZA ZM ZW

AL Designated countries for regional patents

Kind code of ref document: A2

Designated state(s): GM KE LS MW MZ NA SD SL SZ TZ UG ZM ZW AM AZ BY KG KZ MD RU TJ TM AT BE BG CH CY CZ DE DK EE ES FI FR GB GR HU IE IS IT LT LU MC NL PL PT RO SE SI SK TR BF BJ CF CG CI CM GA GN GQ GW ML MR NE SN TD TG

WWE Wipo information: entry into national phase

Ref document number: 2554468

Country of ref document: CA

WWE Wipo information: entry into national phase

Ref document number: 2006551587

Country of ref document: JP

NENP Non-entry into the national phase

Ref country code: DE

WWE Wipo information: entry into national phase

Ref document number: 2005712558

Country of ref document: EP

WWW Wipo information: withdrawn in national office

Country of ref document: DE

WWE Wipo information: entry into national phase

Ref document number: 2005208977

Country of ref document: AU

ENP Entry into the national phase

Ref document number: 2005208977

Country of ref document: AU

Date of ref document: 20050131

Kind code of ref document: A

WWP Wipo information: published in national office

Ref document number: 2005208977

Country of ref document: AU

WWP Wipo information: published in national office

Ref document number: 2005712558

Country of ref document: EP